China Vows to Rein In Rising Food Prices

China will maintain its crackdown on price speculation in 2011, focusing on edible oils, grains and vegetables and cotton, the country's top planning body said on Thursday, extending a slew of steps to rein in inflation.

In a statement following an annual meeting on price monitoring, the National Development and Reform Commission said it had prosecuted 38,000 cases in the first 11 months of this year, confiscating 830 million yuan ($125 million) and levying fines of 110 million yuan.

The NDRC said it had already made public cases of wrongdoing in power pricing, refined oil products, green beans and garlic.

Meanwhile, the Ministry of Commerce urged local authorities to ensure supplies of pork, edible oil and vegetables during the approaching festivals.

"We must avoid quick price rises in some regions and of some products, which could otherwise result in big market swings," the ministry said in a statement on its website, www.mofcom.gov.cn.

China's top authorities have repeatedly pledged to contain inflation while maintaining fast economic growth in 2011.

The government has set a 4 percent target on inflation for next year. In November, inflation hit a 28-month-high of 5.1 percent from a year earlier.

Food prices are leading inflation in China. Accounting for about a third of the consumer price index, food costs soared 11.7 percent in November from a year earlier, while non-food inflation crept up 1.9 percent.

China will maintain its crackdown on price speculation in 2011, focusing on edible oils, grains and vegetables and cotton, the country's top planning body said on Thursday, extending a slew of steps to rein in inflation.
In a statement following an annual meeting on price...